Archives for accountants

Avoid Scammers: How the IRS Does and Does Not Contact Taxpayers

June 14, 2018 | by | Comments Off on Avoid Scammers: How the IRS Does and Does Not Contact Taxpayers

In order to help taxpayers avoid scams in which criminals impersonate IRS employees, IRS has issued a Fact Sheet in which it sets out the ways that it does and does not contact taxpayers.  The IRS has been publishing this sheet for years to help taxpayers protect themselves from scammers and the warning signs. Below are the legitimate ways the IRS employees will contact taxpayers: IRS initiates most contacts with taxpayers through regular mail delivered by the U.S. Postal Service. However, there are special circumstances in which IRS will call or come to a home or business. Even then, taxpayers will
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Categories: Newsletter and Updates.
Tags: accountants, accounting, audit, cpa, IRS, scammers, tax, tax help, taxation, taxpayers, wfy, and wright ford young.

How to Co-ordinate Cost Segregation with Like-kind Exchange

February 6, 2018 | by | Comments Off on How to Co-ordinate Cost Segregation with Like-kind Exchange

The Tax Cuts and Jobs Act (TCJA) was signed by the President on December 22, 2017. The TCJA is the most significant overhaul of Internal Revenue Tax code since the 1986 Tax Act under President Reagan. The Committee Report has over a thousand pages of modifications to many areas of the tax code. One piece of the new legislation (that concern most real estate investors) involves changes to the like-kind exchange rules. When certain conditions are met, no gain or loss is recognized when a taxpayer exchanges property of like-kind (used in a trade or business or for investment purposes).
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Categories: Industry News and Newsletter and Updates.
Tags: accountants, accounting, cost, exchange, federal, income, law, segregation, state, tax, tax bill, taxation, TCJA, wfy, and wright ford young.